This episode I discuss how I run an independent equity research project built around Nick Sleep's investment philosophy — the same discipline that turned Nomad Investment Partnership into one of the best-performing hedge funds of its era. I read through 30 annual reports and scored every company against Sleep's nine core principles, from scale economics shared to owner mentality. Then I cut the nine down to the three that matter most — scale economics, duration, and capital allocation — and replaced the average with a hurdle: clear all three, or you're out. Nine companies survived. I call it the Nick Sleep Stress Test, and I write and talk about what it reveals — not just which stocks pass, but what "passing" actually means about how a business treats the people who make it money. It's less a stock screen than a way of asking one question: is this company getting better for its customers as it gets bigger, or just better for itself?